An official said that the government wants to make up shortfall in revenue collection target of Rs 5.5 billion from non-tax revenue to meet the projected target of fiscal deficit and primary deficit for the current fiscal year.
The meeting also considered a proposal for delisting of Telephone Industries of Pakistan (TIP) from the privatization program and approved it in view of the Ministry of Information Technology and Telecommunication's plan to revive the TIP through a joint venture which has already been undertaken in consultation with the TIP employees and the Privatization Commission.
The CCoP also approved a proposal by the Ministry of Privatization for following a hybrid option for the privatization of National Power Parks Management Company Limited (NPPMCL) comprising two RLNG-based power plants, namely 1223 MW Balloki Power Plant and 1230 MW Haveli Bahadur Power Plant, and instructed the Privatization Commission to complete the bidding process by end-December.
Under the approved plan, if the highest bidder for both plants remains the same, the bidder would be offered to buy the combined entity and in case the highest bidder for both plants is different, the de-merger would become a condition precedent to transaction closing sales and purchase agreement (SPA). There would be a divestment of 100 percent equity of stake of NPPMCL in respect of both power plants.
The meeting was also briefed by the Privatization Commission with regard to 10 public sector entities (PSEs) approved for inclusion in the active privatization list in line with CCoP decision dated August 08, 2019 and the subsequent process and placement of advertisements for hiring of financial advisers.
The PSEs identified/selected by the Privatization Commission meeting, dated August 8, included; (1) Guddu Power Plant (747 MW) - Central Power Generation Company Ltd-CGPL (GENCO-II); (2) Nandipur Power Plant (425 MW) - Northern Power Generation Company Ltd -NPGCL (GENCO-III); (3) House Building Finance Corporation (HBFC); (4) Oil and Gas Development Company Limited (OGDCL); (5) Pakistan Petroleum Limited (PPL); (6) First Women Bank Limited (FWBL); (7) Heavy Electrical Complex (HEC); (8) Pakistan Engineering Company (PECO); (9) Sindh Engineering Limited (SEL) and; (10) Pakistan Re-Insurance Co Ltd (PakRe).